28) How to Increase Your Value (And Your Wealth)?

by Adam Khoo

Over the last few years, I have interviewed people who were among
the highest income earners in their industry and people who were
the average income earners.

Sure enough, I found that age, experience and academic
qualifications had nothing to do with their price tags. It depended
on how much value they created for their company and for their
clients they served.

I want to give you an example of two account directors from an
advertising agency. Their jobs entail managing the client's
advertising accounts.

A is paid $4,000 per month while B is paid $12,000 per month. Why
is one paid 3 times more than another? Let's take a look at the
difference in value they create.

Account Director A, Age 46. Income $4,000/month

- Waits for company to assign to clients
- Takes advertising brief from the client
- Instructs the creative team
- Executes ads within deadline
- Manages assigned client well
- Creates gross profits of $20,000/month

Account Director B, Age 33. Income $12,000/month

- Actively networks, makes cold calls & sets at least one new
appointment a day
- Actively develops new business & finds his own clients
- Takes the advertising brief from the client
- Develops more marketing ideas that convinces the client to
increase the advertising budget.
- Brainstorms & develop a powerful campaign by leading the creative
team
- Executes ads and other marketing tactics within deadline
- Tracks the success of campaigns & start developing a follow up
strategy to sell to the client
- Uses successful testimonial to secure even more clients
- Creates gross profits of $150,000/month

It is clear why manager B gets paid so much more than A, despite
being so much younger and less experienced. Manager B creates so
much more value for the client, and hence generates a lot more
profits for his company.

Similarly, your income is determined by the amount of value you
create for your clients and your company. You can have all the
experience, all the MBAs, all the intelligence but if you do not
create value, people will not pay a high price. So how do you
create value?

There are only two ways you can create value for your clients. Either

1) Help them reach their goals faster and easier

2) Help them solve their problems faster and easier.

The more you can do this, the more they will be willing to pay for
you!

Similarly, there are only two ways you can create value for your
company. Either

1) Help the company increase sales Or

2) Help the company to reduce costs. This will increase the
companies profits. You must understand that all businesses have
only one major goal, to make more profits every year.

The more profits you can help your company make, the more you will
be worth!

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